SafeLight Life-saving Light Bulbs were featured at the panel "Health,Wealth, And The Aging Population: What is the true Priority and Opportunity" at InsureTech Connect 2019 conference at MGM Grand in Las Vegas. In the likeness of the remainder of the conference, the panel discussion was top notch and the team at CareValidate thought it best to summarize the important conversation here for easy dissemination.
Everyone has heard the old statistic that over 10,000 baby boomers (those 76 million Americans born between 1946 and 1964) are retiring everyday and a panelist brought to light that the first of them will start to turn 75 this year.
All the panelists echoed the sentiment that the majority of boomers are not financially prepared for retirement in an adequate fashion and stated a variety of reasons for the same including the outsourcing of this responsibility by employers and governments by transitioning from pensions to defined contribution plans.
We were surprised to hear from one of the panelists that baby boomers were the fastest-growing category of student-loan debtors, and were most likely to feel that college-related debt significantly impeded them in meeting their financial goals.
Potential Solutions from Panelists
Hybrid financial products that leverage technology to get to consumers early and provide coverage for retirement income and some aspects of long term care.
Healthcare savings plans that tie together families or (care) communities for more efficient risk pooling and service delivery options.
Insurers change their roles to "Guardian Angels" that engage insureds throughout the life cycle and not just at the beginning and end of the customer journey
Farron Blanc, CEO & Co-Founder, Gerry
Lorena Puica, CEO & Founder, iamYiam
Jim Richards, Chief Strategy Officer, Annexus
Andrea Severino, CEO & Founder, Healthy Virtuoso
Manjit Rana, Managing Partner, Rainmaking (Moderator)
Overall, we couldn't agree more that the probability of solving complex issues facing boomers today with insurtech products like the SafeLight, from CareValidate is extremely high, in front of the magnitude of the catastrophic risk of boomers running out of money due to gains in increasing longevity.
The "Guardian Angel" model of the role of the insurer, in our understanding of the seniorcare market, is a near perfect fit for long term care (traditional or hybrid) insurance products. Farron from Gerry pointed out that senior living facilities today are either "ultra luxury properties" or "sub-standard options" and neither have the tools to improve outcomes and that rings true with our market research as well.
One relevant issue that the team at CareValidate thinks deeply about was not covered during the discussion. It is the fact that a huge percentage of healthcare spending in the US healthcare system is wasteful. A new study published in JAMA puts that number between 20-25% (!?!) and we believe that partnerships between insurers and caregiver telematics companies like CareValidate can make a huge dent in that problem, which must be fixed for boomers to age comfortably.